topic Husband Wife LLC file as partnership - problem in Business & farm

Husband Wife LLC file as partnership - problem

123philipABC — Sun, 30 Jan 2022 18:20:12 GMT

My wife and I have a 50/50 LLC in Minnesota (non-community property) and have rental properties owned by the LLC. I have used an accountant for a few years. Last year (and probably previously) she filed a partnership return for the LLC and there are no schedule Cs. When I try to duplicate that with TT Home/Biz l I cannot do it as the program requires that I input income and expenses individually on a 50/50 basis. Which will result in no partnership filing and the creation of Schedule Cs. I am confused and not sure how to proceed. Help?

Re: Husband Wife LLC file as partnership - problem

rjs — Sun, 30 Jan 2022 18:36:19 GMT

The partnership has to file it's own partnership tax return, Form 1065, separate from your personal Form 1040 tax return. Part of the partnership tax return is a Schedule K-1 for each partner. You enter the information from your Schedule K-1 in your personal tax return.

You cannot file a Form 1065 partnership tax return with TurboTax Home & Business. You need TurboTax Business (which is not the same as TurboTax Home & Business) for the partnership return. TurboTax Business is available only as CD or download software, and only for Windows. Go to the following link for more information about TurboTax Business, and to purchase it.

TurboTax Business

The filing deadline for partnership returns is March 15, not April 15, and late-filing penalties are high. You can request an extension to September 15 if necessary.

TurboTax Business cannot do your personal Form 1040 return. You still need one of the personal editions for that. You can use the TurboTax Home & Business that you already have to prepare your personal tax return.

Re: Husband Wife LLC file as partnership - problem

123philipABC — Sun, 30 Jan 2022 18:38:55 GMT

Thank you!!

Re: Husband Wife LLC file as partnership - problem

Mike9241 — Sun, 30 Jan 2022 18:54:29 GMT

if the LLC did not own the real estate reporting would have been on your schedule E's not on schedule C's (unless significant services are provided to the tenants)